FESE welcomes the opportunity to reflect on the role that the European Union (EU) competition policy should have in a fast-changing world.
In our view, it is far from clear as to whether there is a need for a ‘New Competition Tool’ when taking into account the wide-ranging powers that already enforce existing EU laws. Further regulation should only be considered if there is clear evidence of a structural market failure.
It should be noted that significant differences distinguish digital platform companies (e.g. BigTech) from Exchanges, and using a ‘one-size-fits-all’ approach would be detrimental to the success of the Capital Markets Union. There is no evidence that would point to any market failure or barrier to entry for new trading venues within the EU market. Therefore, FESE suggests that the scope of any potential New Competition Tool should solely apply to digital platforms.